“Through August, 1,156 companies in the Stoxx 600 Index reported earnings for the second quarter of 2017,” said Thomson Reuters senior research analyst David Aurelio.

“In aggregate, companies are reporting earnings that are 9.1 per cent above estimates, which is above the four per cent long-term (since 2011) average surprise factor and above the 4.4 per cent surprise factor recorded over the past four quarters.”

To date, 156 companies on the index have reported earnings for the quarter and 49.4 per cent exceeded analyst estimates. Typically 50 per cent exceed estimates.

Companies in the energy sector are expected to post the highest earnings growth rate at 49.2 per cent, totalling €6.2bn (£5.56bn), while utilities is the lowest with expected shrinkage of 22.6 per cent.

Financial companies are predicted to be middle-of-the-road in terms of growth rate, but will bring in the most earnings with a predicted €28.9bn.

Next week, 41 Stoxx 600 companies with quarterly earnings estimates are scheduled to report their earnings.